Highlights
- The average rent for office space in Chicago is $33.72 per square foot, 5.75% higher compared to the previous year.
- The market’s vacancy rate stands at 13.96%, lower than the state average of Illinois, which is 24.54%.
- Renting Class A/A+ office space here costs $39.18 per square foot, while Class B averages $30.75 and Class C stands at $30.47.
- 479,993 square feet is currently under construction.
2025 Office Space Rent & Sales
- $33.72 2025 Avg. Asking Rent
- 5.75% Y-o-Y Avg. Asking Rent Change
- 13.96% 2025 Office Vacancy Rate
- $1.1B2025 Total Office Sales
- $64.89Avg. Sale Price/SF
What is the average asking rent price for office space in Chicago?
Average asking rents for office space here stand at $33.72 per square foot. The local office market recorded an average vacancy rate of 13.96% in 2025, unchanged from 13.96% in 2024.
Office transactions in the local market in 2025 totaled a sales volume of $1.1B across 56 sales. These transactions commanded an average sale price per square foot of $64.89.
Chicago, IL Office Asking Rents by Class
What is the average office rent per square foot by property class in Chicago?
- Avg. Asking Rent Class A & A+$39.18
- Avg. Asking Rent Class B$30.75
- Avg. Asking Rent Class C$30.47
The average asking rent for Class A and A+ office space stood at $39.18 per square foot, indicating the best — and most expensive — that the market has to offer.
Class B space in Chicago averaged $30.75 per square foot, while the average for Class C space was $30.47 per square foot.
What is the average office rent per square foot by property class in IL?
- Avg. Asking Rent Class A & A+$34.01
- Avg. Asking Rent Class B$25.49
- Avg. Asking Rent Class C$22.85
For comparison, the average rent for Class A and A+ office space in Illinois was $34.01 per square foot. The state-wide average for Class B space was $25.49 per square foot, and Class C office spaces averaged $22.85 per square foot.
Chicago, IL Office Indicators by Submarket
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| West Loop | $41.00 | 14.59% |
| Northwest City | $34.80 | 20.95% |
| Chicago CBD | $34.41 | 13.07% |
| Uptown | $32.78 | 14.97% |
| South Chicago | $32.42 | 10.24% |
| O'Hare | $29.64 | 25.47% |
| Northwest Chicago | $24.81 | 37.71% |
| Near South Side | $21.57 | 9.00% |
| West Side | $20.41 | 18.27% |
2025 Office Sales Volume
- $64.892025 Avg. Price per SF
- -28.23%Y-o-Y Avg. PpSF Change
- $1.1B2025 Office Sales Volume
- 562025 Number of Transactions
What is the average sale price per square foot for office space in Chicago?
Average sale prices for office space in this market recorded a -28.23% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $64.89 per square foot. For comparison, the statewide Illinois average during the same time period stood at $63.61 per square foot, while the national average was $182.48 per square foot.
Chicago, IL Sale Price per SF Trend
- Chicago Avg. Sale Price per SF in 2025$64.89
- Illinois Avg. Sale Price per SF in 2025$63.61
What was the total office sales volume in Chicago in 2025?
The local office market recorded 56 deals in 2025, adding up to a yearly sales volume of $1.1B.
- Chicago, IL Total Office Sales Volume in 2025 $1.1B
- Chicago, IL Total Number of Office Sales Closed in 2025 56
What were the largest office building sales in Chicago in 2025?
The market’s largest transaction last year was the sale of 600 West Chicago for $88,682,000 on 1/22/2025. The next-highest sale was the transaction involving 200 South Wacker Drive, which traded for $68,000,000. The third-largest transaction was the sale of 303 East Wacker Drive for $63,000,000.
| Property name | Address | Date | Price |
|---|---|---|---|
| 600 West Chicago | 600 West Chicago Avenue | 1/22/2025 | $88,682,000 |
| 200 South Wacker Drive | 200 South Wacker Drive | 1/31/2025 | $68,000,000 |
| 303 East Wacker Drive | 303 East Wacker Drive | 1/6/2025 | $63,000,000 |
| 190 South LaSalle Street | 190 South LaSalle Street | 12/19/2025 | $55,000,000 |
| 125 South Wacker Drive | 125 South Wacker Drive | 11/3/2025 | $51,500,000 |
2025 Office Construction in Chicago, IL
- Chicago, IL Total SF completed in 2025 415,720
- Chicago, IL Total SF under construction in 2026 479,993
How much office space was built in Chicago in 2025?
Looking forward, development activity in 2026 is estimated to add 479,993 square feet of office space to the market in total.
What are the largest recent office completions in Chicago?
The largest recent office completion here is Bank of America Tower at 1,546,909 square feet, completed in 2020. The next largest completions are 320 South Canal and 167 Green Street.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Verso - 311 West Huron Street | 311 West Huron Street, 60654 | 153,611 | 2024 |
| The Offices at The Saint Grand | 535 North St. Clair Street, 60611 | 54,013 | 2024 |
| Office Retail For Lease Avondale Chicago | 3101 North Milwaukee Avenue, 60618 | 9,400 | 2023 |
| 320 South Canal | 320 South Canal Street, 60606 | 1,475,000 | 2022 |
| 800 South Wells | 800 South Wells, 60607 | 93,000 | 2022 |
| 800 West Fulton Street | 800 West Fulton Street, 60607 | 480,490 | 2021 |
| Old Town Park Three | 224 W Hill St, 60610 | 70,000 | 2021 |
| Bank of America Tower | 110 North Wacker Drive, 60606 | 1,546,909 | 2020 |
| 167 Green Street | 167 Green Street, 60661 | 642,883 | 2020 |
| 333 North Green Street | 333 North Green Street, 60660 | 569,912 | 2020 |
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Disclaimer
All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor Yardi Research Data can guarantee that the information provided is complete.